The current depression is the worst in over seventy years. It is a man-made disaster, unlike an earthquake, hurricane, or tornado. It originated in the abolition of the New Deal laws over the last three decades (like the Glass-Steagal Act, etc.). The correct action is to resurrect these New Deal laws with the following policy changes.
Raise the standard deduction for the Federal Income Tax to at least $30,000 ($50,000 would follow the original intent of the 1913 Income Tax law).
For “revenue neutrality”, restore the Federal Income Tax rates to what they were before 1986. This also means no taxes on Social Security benefits. Remember how much better things were before 1986?
Add a 30% National Sales Tax on all imported goods and services. This will pay down the national debt, and bring back jobs and prosperity.
Generally speaking, if changes lead to economic disaster, the correct solution is to go back to the way things used to be.
Ronald A. Sobieraj
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